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Tony C.
··Ωf Jury member
Are members invested in Bitcoin/crypto?
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djmusicman
·9k bottom. He predicted 20k when BTC was 65k.
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Ogion
·No. Some hindsight would have been great in 2009 (when wouldn’t it) or even 2019… but now in my opinion too volatile and subject to crashing when regulation inevitably comes in/ governments create their own and ban it like in china.
But then what do I know. Some ‘Experts’ say it'll be worth hundreds of thousands by 2028. I feel it would be a punt to buy in on the off chance though but perhaps I’ll eat my words!
I do all weather portfolio / ETF’s. Boring, but favours compounding over time vs luck.
But then what do I know. Some ‘Experts’ say it'll be worth hundreds of thousands by 2028. I feel it would be a punt to buy in on the off chance though but perhaps I’ll eat my words!
I do all weather portfolio / ETF’s. Boring, but favours compounding over time vs luck.
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Walrus
·About 6 months ago I listened to a podcast where that Sam Bankman of FTX was interviewed and the interviewer was asking Bankman where the yield on his exchange comes from. He tried to put an answer together but it really didn’t amount to much. If the yield can’t be explained you are the yield.
At that time I was considering doing something with wrapped BTC but upon a little digging I saw it came from FTX and just didn’t want to be involved. I’m not much for these centralized exchanges.
Then a few weeks ago I heard the rumblings from CZ at binance so did some shorting as I already had concerns about FTX. This Bankman gave 38 million to US politicians (out of a promised 1 billion) I still can’t wrap my head around all this FTX stuff. Will his donations give him protection? I wish I could post the podcast so those interested could hear it. I’m not a particularly smart guy but if I had concerns that FTX was a scam after hearing it I know people brighter than me caught on and I don’t get why he was able to draw in so much money.
Now I’m hearing he created back doors and despite having 0 net worth 10’s of millions or more were moved and disappeared. I’m trying to play catch up here as one report said he was in custody in the Bahamas. I went through the MT. Gox fiasco as well so it’s really hard to be surprised anymore.
This will be a movie once it’s figured out. And of course on Veterans Day I went to a party held by a wounded warrior who lives down the street, they drink and trade crypto and were still finding useless coins to speculate on that we’re doing 100-300% in the short time I was at the gathering, go figure.
At that time I was considering doing something with wrapped BTC but upon a little digging I saw it came from FTX and just didn’t want to be involved. I’m not much for these centralized exchanges.
Then a few weeks ago I heard the rumblings from CZ at binance so did some shorting as I already had concerns about FTX. This Bankman gave 38 million to US politicians (out of a promised 1 billion) I still can’t wrap my head around all this FTX stuff. Will his donations give him protection? I wish I could post the podcast so those interested could hear it. I’m not a particularly smart guy but if I had concerns that FTX was a scam after hearing it I know people brighter than me caught on and I don’t get why he was able to draw in so much money.
Now I’m hearing he created back doors and despite having 0 net worth 10’s of millions or more were moved and disappeared. I’m trying to play catch up here as one report said he was in custody in the Bahamas. I went through the MT. Gox fiasco as well so it’s really hard to be surprised anymore.
This will be a movie once it’s figured out. And of course on Veterans Day I went to a party held by a wounded warrior who lives down the street, they drink and trade crypto and were still finding useless coins to speculate on that we’re doing 100-300% in the short time I was at the gathering, go figure.
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Tony C.
··Ωf Jury memberre: FTX and SBF, this podcast may be of interest to some:
https://hiddenforces.io/podcasts/sam-bankman-fried-what-happened-at-ftx-marc-cohodes/
https://hiddenforces.io/podcasts/sam-bankman-fried-what-happened-at-ftx-marc-cohodes/
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pdxleaf
·Same old plot, boring movie.
"The founder of crypto exchange FTX Sam Bankman-Fried allegedly bought crypto tokens before they were listed on the platform, according to a Wall Street Journal article.
FTX's trading firm, Alameda Research, bought nearly 60 ethereum-blockchain based tokens before the company's own clients could buy and sell them.
The practice is akin to insider trading.
Alameda was founded and owned by Bankman-Fried.
Blockchain data from Argus, an analytics firm, showed that even though FTX said it would list the tokens first on its exchange so that investors, ranging from retail to institutional ones such as hedge funds, could purchase them, it was not true.
Instead, between March 2021 through March 2022, Alameda owned $60 million of the tokens from 18 listings of them, according to data from Argus.
The blockchain, which is a digital ledger that can be viewed by everyone, showed that Alameda purchased the tokens before the listings, the article said.
Knowledge that an asset like a token or a stock is going to be listed means that traders can make money by buying them in advance and selling them soon after.
It can not be determined if Alameda sold the tokens, if at all, based on the data from Argus."
"The founder of crypto exchange FTX Sam Bankman-Fried allegedly bought crypto tokens before they were listed on the platform, according to a Wall Street Journal article.
FTX's trading firm, Alameda Research, bought nearly 60 ethereum-blockchain based tokens before the company's own clients could buy and sell them.
The practice is akin to insider trading.
Alameda was founded and owned by Bankman-Fried.
Blockchain data from Argus, an analytics firm, showed that even though FTX said it would list the tokens first on its exchange so that investors, ranging from retail to institutional ones such as hedge funds, could purchase them, it was not true.
Instead, between March 2021 through March 2022, Alameda owned $60 million of the tokens from 18 listings of them, according to data from Argus.
The blockchain, which is a digital ledger that can be viewed by everyone, showed that Alameda purchased the tokens before the listings, the article said.
Knowledge that an asset like a token or a stock is going to be listed means that traders can make money by buying them in advance and selling them soon after.
It can not be determined if Alameda sold the tokens, if at all, based on the data from Argus."
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SC1
·I know little but I know this much...
most "Doods" I know (and know of) ~ Dodge RAM diesel trucks, ball caps with sporto wraparounds on the bills, "Back The Blue" or "Punisher" type flags on the cab window or full flag bed-mounted Al Qaeda desert style, always into New Country & Metallica ~ think they are going to become the next Warren Buffett because they "dabble" in it on the apps on their belt-mounted phones.
Which is more than enough to make me stay away.
-------
*Edit: my above observations are in no way a judgement on anyone here at OF that invests in Crypto or drives a RAM diesel or is into stickers & flags on their aforementioned RAM or wears ball caps with Sporto wraparounds resting on the bill or digs New Country and Metallica or belt-mounts their phone.
Just wanted that stated for the record.
most "Doods" I know (and know of) ~ Dodge RAM diesel trucks, ball caps with sporto wraparounds on the bills, "Back The Blue" or "Punisher" type flags on the cab window or full flag bed-mounted Al Qaeda desert style, always into New Country & Metallica ~ think they are going to become the next Warren Buffett because they "dabble" in it on the apps on their belt-mounted phones.
Which is more than enough to make me stay away.
-------
*Edit: my above observations are in no way a judgement on anyone here at OF that invests in Crypto or drives a RAM diesel or is into stickers & flags on their aforementioned RAM or wears ball caps with Sporto wraparounds resting on the bill or digs New Country and Metallica or belt-mounts their phone.
Just wanted that stated for the record.
Edited:
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Observer
·I know little but I know this much...
most "Doods" I know (and know of) ~ Dodge RAM diesel trucks, ball caps with sporto wraparounds on the bills, "Back The Blue" or "Punisher" type flags on the cab window or full flag bed-mounted Al Qaeda desert style, always into New Country & Metallica ~ think they are going to become the next Warren Buffett because they "dabble" in it on the apps on their belt-mounted phones.
Which is more than enough to make me stay away.
-------
*Edit: my above observations are in no way a judgement on anyone here at OF that invests in Crypto or drives a RAM diesel or is into stickers & flags on their aforementioned RAM or wears ball caps with Sporto wraparounds resting on the bill or digs New Country and Metallica or belt-mounts their phone.
Just wanted that stated for the record.
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Dan S
·I'm getting a little tired of hearing "crypto is here to stay." At first I thought it was meant the person saying it was knowledgeable and smart, but now it just feels like a silly cliche. What does it even mean? That some tokens will retain some amount of value for some speculators to park some cash in? That it will continue to enable cyber-criminals in their extortion efforts? That it will gradually use a larger and larger fraction of global electrical power generation? That new coins will be continually invented and issued on the whim of celebrity billionaires leading to pump and dump cycles? Or does it mean that crypto will actually show utility as a viable alternative to sovereign currency and widely used for transactions?
Sadly ... I doubt the latter. It was so promising, but the concept was coopted by greed-heads. I understand that everyone has their favorite answer ... proof-of-stake, stable-coins, government regulation ... yadda yadda. Hope springs eternal, but I am increasingly skeptical and I'm happy that I never put much cash into BTC.
Sadly ... I doubt the latter. It was so promising, but the concept was coopted by greed-heads. I understand that everyone has their favorite answer ... proof-of-stake, stable-coins, government regulation ... yadda yadda. Hope springs eternal, but I am increasingly skeptical and I'm happy that I never put much cash into BTC.
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Observer
·I'm getting a little tired of hearing "crypto is here to stay." At first I thought it was meant the person saying it was knowledgeable and smart, but now it just feels like a silly cliche. What does it even mean? That some tokens will retain some amount of value for some speculators to park some cash in? That it will continue to enable cyber-criminals in their extortion efforts? That it will gradually use a larger and larger fraction of global electrical power generation? That new coins will be continually invented and issued on the whim of celebrity billionaires leading to pump and dump cycles? Or does it mean that crypto will actually show utility as a viable alternative to sovereign currency and widely used for transactions?
Sadly ... I doubt the latter. It was so promising, but the concept was coopted by greed-heads. I understand that everyone has their favorite answer ... proof-of-stake, stable-coins, government regulation ... yadda yadda. Hope springs eternal, but I am increasingly skeptical and I'm happy that I never put much cash into BTC.
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The Father
·Given a chioce……you wanna stack of these…
Or stack of crypto coins
no picture because like fairies there isnt anything to see
Or stack of crypto coins
no picture because like fairies there isnt anything to see
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STANDY
··schizophrenic pizza orderer and watch collectorGiven a chioce……you wanna stack of these…
Or stack of crypto coins
no picture because like fairies there isnt anything to see
“Computer Farts” ….The heat that comes out the back of a computer
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Traveler
·This is a fantastic summary of FTX latest by Bloomberg’s Matt Levine (mirror post that avoids the paywall)
https://archive.ph/hZszH
original post here
https://forum.effectivealtruism.org/out?url=https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-balance-sheet-was-bad
excerpt: “And then the basic question is, how bad is the mismatch [between liabilities and assets on the balance sheet]. Like, $16 billion of dollar liabilities and $16 billion of liquid dollar-denominated assets? Sure, great. $16 billion of dollar liabilities and $16 billion worth of Bitcoin assets? Not ideal, incredibly risky, but in some broad sense understandable. $16 billion of dollar liabilities and assets consisting entirely of some magic beans that you bought in the market for $16 billion? Very bad. $16 billion of dollar liabilities and assets consisting mostly of some magic beans that you invented yourself and acquired for zero dollars? WHAT? Never mind the valuation of the beans; where did the money go? What happened to the $16 billion? Spending $5 billion of customer money on Serum would have been horrible, but FTX didn’t do that, and couldn’t have, because there wasn’t $5 billion of Serum available to buy. FTX shot its customer money into some still-unexplained reaches of the astral plane and was like “well we do have $5 billion of this Serum token we made up, that’s something?” No it isn’t!”
https://archive.ph/hZszH
original post here
https://forum.effectivealtruism.org/out?url=https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-balance-sheet-was-bad
excerpt: “And then the basic question is, how bad is the mismatch [between liabilities and assets on the balance sheet]. Like, $16 billion of dollar liabilities and $16 billion of liquid dollar-denominated assets? Sure, great. $16 billion of dollar liabilities and $16 billion worth of Bitcoin assets? Not ideal, incredibly risky, but in some broad sense understandable. $16 billion of dollar liabilities and assets consisting entirely of some magic beans that you bought in the market for $16 billion? Very bad. $16 billion of dollar liabilities and assets consisting mostly of some magic beans that you invented yourself and acquired for zero dollars? WHAT? Never mind the valuation of the beans; where did the money go? What happened to the $16 billion? Spending $5 billion of customer money on Serum would have been horrible, but FTX didn’t do that, and couldn’t have, because there wasn’t $5 billion of Serum available to buy. FTX shot its customer money into some still-unexplained reaches of the astral plane and was like “well we do have $5 billion of this Serum token we made up, that’s something?” No it isn’t!”
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Observer
·Given a chioce……you wanna stack of these…
Or stack of crypto coins
no picture because like fairies there isnt anything to see
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STANDY
··schizophrenic pizza orderer and watch collectorGiven a chioce……you wanna stack of these…
Or stack of crypto coins
no picture because like fairies there isnt anything to see
I don’t have to choose between them. They both have their strengths and weaknesses and many of those happen to offset each other. A well covered ass is a great comfort.
Both come out of nothing 📖 ( ie: government’s printing money )
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Spacefruit
··Prolific Speedmaster Hoarderinteresting take:
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Archer
··Omega Qualified WatchmakerI think the value of the dollar will continue to fall relative to the things I want and need, but I honestly don’t know. That’s why we diversify, right? It’s just another piece of dollar insurance to me.
Okay, that's a case for owning some crypto as some hedge against inflation - I get that. But you said we won't have a choice but to use crypto if I read the comments correctly - that's what I was asking about. How is it that we won't have a choice?
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The Father
·US economy $25 trillion a year
Dollar isn’t going anywhere.
Ohhh right since the dollar is American it must be dogshit.
I forget about the American hating uptight MF’ers here sometimes.
Dollar isn’t going anywhere.
Ohhh right since the dollar is American it must be dogshit.
I forget about the American hating uptight MF’ers here sometimes.